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National Accounts (income And Expenditure): Year Ended March 2022

National accounts (income and expenditure) provides information on domestic production and the resulting income that is available for spending and saving. It also provides an insight into how saving is used and invested between different sectors of the economy.

Key facts

These accounts are measured in current prices, which means they measure nominal changes in macroeconomic aggregates before accounting for price inflation.

In the year ended March 2021:

  • New Zealand’s gross domestic product (income measure) was $327.8 billion – up 1.3 percent from the year ended March 2020.
  • Net national disposable income was up $3.5 billion, while final consumption expenditure increased by $7.8 billion, leading to a $4.3 billion decrease in national saving – down to $20.0 billion.
  • Household spending was up 1.1 percent; household net disposable income was up 8.0 percent. Household saving was $17.8 billion – up $12.9 billion.
  • General government saving was down $23.0 billion to -$17.6 billion, reflecting spending on COVID-19 support.
  • Investment in residential building increased by 6.9 percent in the year ended March 2021. Increases were also seen in investment in computer software (10.1 percent) and research and development (6.0 percent), while investments in many other fixed asset types fell.

Provisional estimates for the year ended March 2022:

  • Investment in fixed assets rose 17.4 percent in the year ended March 2022, driven by a $4.1 billion growth in residential building investment.

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